# Nemetschek AG O.N. (NEM.XETRA)

Canonical: https://gigainvestors.com/s/NEM.XETRA

Analysis as of: 2026-10-16T07:36:03.937Z. Financial observations: FY2002–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 72.15 per share; close as of 2026-10-15.

Estimated value: low EUR 39.04 per share, central EUR 55.49 per share, high EUR 64.67 per share. Buy at or below the central value EUR 55.49 per share. Valuation as of 2026-10-16T07:36:03.937Z; scenarios are not confidence intervals.

Expected annual return: 8.4% at the stated quote. About 8.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.08×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.21×

- FY2017: 0.22×

- FY2018: 0.21×

- FY2019: 0.22×

- FY2020: 0.21×

- FY2021: 0.25×

- FY2022: 0.25×

- FY2023: 0.23×

- FY2024: 0.24×

- FY2025: 0.25×

### moat: pass

- ROIC, median of available years: >100%

- ROIC, second-lowest year: >100%

- Typical minus recent gross margin: 3.0 pp

- Typical gross margin (annual median): 52.3%

- Recent gross margin (lower of latest and 3-year median): 49.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.9%

- ROIC including acquisitions, ten-year median: 30.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: >100%

- FY2018: >100%

- FY2019: >100%

- FY2020: >100%

- FY2021: >100%

- FY2022: >100%

- FY2023: >100%

- FY2024: >100%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 1.20×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.0B

- Net income, five-year total: EUR 850M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 3.0 pp

- Working capital / revenue, final three-year average: 12.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.20×

- FY2022: 1.15×

- FY2023: 1.20×

- FY2024: 1.22×

- FY2025: 1.23×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 817.0% vs 2293.6%

- Per-share earnings: 0.41 to 1.52 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: EUR 8.6B

- Cumulative retained earnings: EUR 765M

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 17.9%

- Per-share value change: EUR 1.11

- Per-share value, starting three-year median: EUR 0.41

- Per-share value, ending three-year median: EUR 1.52

- Average buyback yield: 0.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 1.3B

- Cumulative net income, 10 years: EUR 1.3B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.41

- FY2017: EUR 0.65

- FY2018: EUR 0.66

- FY2019: EUR 1.10

- FY2020: EUR 0.84

- FY2021: EUR 1.17

- FY2022: EUR 1.40

- FY2023: EUR 1.40

- FY2024: EUR 1.52

- FY2025: EUR 1.88

### accounting: pass

- Sloan accruals: -7.6%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.76×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.54×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.2%

- FY2017: -4.9%

- FY2018: -4.0%

- FY2019: -3.9%

- FY2020: -6.8%

- FY2021: -7.6%

- FY2022: -4.3%

- FY2023: -7.2%

- FY2024: -6.1%

- FY2025: -7.6%

## Holders

## Price story

Down 45% since Jul 2025 · sales +19.7%

Story as of 2026-10-16T10:00:06.657Z; price observation 2026-10-15.

Price needs cash profits to grow 10.9% a year for ten years

### Sales · FY2024–2025

sales +19.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 337M 

- FY2017: EUR 396M 

- FY2018: EUR 461M 

- FY2019: EUR 557M 

- FY2020: EUR 597M 

- FY2021: EUR 681M 

- FY2022: EUR 802M 

- FY2023: EUR 852M 

- FY2024: EUR 996M 

- FY2025: EUR 1.2B 

### Gross margin · FY2025

gross margin 49.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 51.2% 

- FY2017: 52.2% 

- FY2018: 52.5% 

- FY2019: 52.5% 

- FY2020: 50.4% 

- FY2021: 59.3% 

- FY2022: 59.6% 

- FY2023: 46.8% 

- FY2024: 59.3% 

- FY2025: 49.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software application; annual sales are EUR 1.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:03.937Z); FY2025: revenue 1191200000; grossProfit 587978000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NEM.XETRA: Nemetschek SE provides software solutions for architecture, engineering, construction, operation, and media industries in Germany, the rest of Europe, the Americas, the Asia Pacific, and internationally. The company operates in four segments: Design, Build, Manage, and Media. The Design segment offers software solutions primarily under the Allplan, Graphisoft, and dRofus brands for architects, designers, engineers, structural engineers, specialist planners, and landscape designers, as well as developers and general contractors. This segment provides building information modeling (BIM) solutions for computer-aided design and engineering. The Build segment offers 5D BIM solutions, commercial enterprise resource planning solutions, and cloud-based workflow solutions under the Nevaris and Bluebeam brands to construction companies, developers, suppliers, general contractors, planning offices, architects, and civil engineers. The Manage segment provides software solutions for property, facility, and workplace management; building platforms for the operation and management of buildings under the Spacewell and Crem Solutions brands to property managers, facility managers, global real estate companies, banks, and insurance companies. The Media segment offers software solutions under the Maxon name, including 3D modeling, painting, animation, sculpting, and rendering solutions to create 3D motion graphics, architectural or product visualizations, graphics for computer games, medical illustrations, industrial designs, and visual effects for architects and designers, film and TV studios, advertising agencies, the video game industry, product and graphic designers, and freelancers. Nemetschek SE was founded in 1963 and is headquartered in Munich, Germany.

### Why customers stay

Margins ranged from 46.8% to 59.3% during 2023–25; it earns over 100% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:03.937Z); FY2023: grossProfit / revenue = 46.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:03.937Z); FY2024: grossProfit / revenue = 59.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:03.937Z); FY2025: grossProfit / revenue = 49.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:03.937Z); 10-year return on capital observations [[2016,8.391490682791307],[2017,8.170442005008246],[2018,6.9292335575826],[2019,1.4278652694634504],[2020,2.2579545297648775],[2021,3.601941293363977],[2022,3.552421171204923],[2023,108.35789822878527],[2024,1.4052312204320798],[2025,22.935820357187307]]; median 5.265587425473289. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 11.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:03.937Z); FY2016: growth capex 0; upkeep 7370000; owner earnings 57869000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:03.937Z); FY2017: growth capex 0; upkeep 8787000; owner earnings 87430000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:03.937Z); FY2018: growth capex 0; upkeep 11295000; owner earnings 88632000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:03.937Z); FY2019: growth capex 0; upkeep 19273000; owner earnings 135868600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:03.937Z); FY2020: growth capex 0; upkeep 9100000; owner earnings 124100400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:03.937Z); FY2021: growth capex 0; upkeep 9925000; owner earnings 161459600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:03.937Z); FY2022: growth capex 0; upkeep 19028000; owner earnings 186253600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:03.937Z); FY2023: growth capex 0; upkeep 12677000; owner earnings 192902000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:03.937Z); FY2024: growth capex 0; upkeep 13726000; owner earnings 214580200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:03.937Z); FY2025: growth capex 0; upkeep 13744000; owner earnings 267617200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:03.937Z); Dividend observations: [[2016,19250000],[2017,25025000],[2018,28875000],[2019,31185000],[2020,32340000],[2021,34650000],[2022,45045000],[2023,51975000],[2024,55440000],[2025,63495000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:03.937Z); FY2025: cash repurchases 11108000 EUR.

### Are managers owners

Insiders own 45.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NEM.XETRA SharesStats.PercentInsiders = 45.074 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.9% yearly over ten years; actual growth was 19.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:03.937Z); Ten-year compound average after fade. Initial solved rate 0.19037940037916473. Price 72.15; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.390025974025974 → FY2025 2.3163100678576374. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 18.93 per share

- 2016-11: EUR 17.42 per share

- 2016-12: EUR 18.42 per share

- 2017-01: EUR 15.76 per share

- 2017-02: EUR 17.04 per share

- 2017-03: EUR 18.74 per share

- 2017-04: EUR 21.00 per share

- 2017-05: EUR 23.20 per share

- 2017-06: EUR 21.73 per share

- 2017-07: EUR 21.89 per share

- 2017-08: EUR 21.32 per share

- 2017-09: EUR 22.92 per share

- 2017-10: EUR 25.54 per share

- 2017-11: EUR 26.75 per share

- 2017-12: EUR 24.95 per share

- 2018-01: EUR 26.42 per share

- 2018-02: EUR 28.13 per share

- 2018-03: EUR 30.33 per share

- 2018-04: EUR 33.27 per share

- 2018-05: EUR 34.60 per share

- 2018-06: EUR 34.37 per share

- 2018-07: EUR 39.60 per share

- 2018-08: EUR 47.13 per share

- 2018-09: EUR 42.00 per share

- 2018-10: EUR 38.70 per share

- 2018-11: EUR 35.70 per share

- 2018-12: EUR 31.92 per share

- 2019-01: EUR 37.30 per share

- 2019-02: EUR 42.80 per share

- 2019-03: EUR 50.67 per share

- 2019-04: EUR 54.83 per share

- 2019-05: EUR 45.77 per share

- 2019-06: EUR 52.95 per share

- 2019-07: EUR 50.95 per share

- 2019-08: EUR 48.18 per share

- 2019-09: EUR 46.82 per share

- 2019-10: EUR 45.60 per share

- 2019-11: EUR 53.65 per share

- 2019-12: EUR 58.80 per share

- 2020-01: EUR 61.55 per share

- 2020-02: EUR 56.30 per share

- 2020-03: EUR 45.28 per share

- 2020-04: EUR 57.50 per share

- 2020-05: EUR 70.90 per share

- 2020-06: EUR 61.20 per share

- 2020-07: EUR 62.40 per share

- 2020-08: EUR 66.60 per share

- 2020-09: EUR 62.50 per share

- 2020-10: EUR 62.10 per share

- 2020-11: EUR 66.30 per share

- 2020-12: EUR 60.40 per share

- 2021-01: EUR 58.20 per share

- 2021-02: EUR 52.15 per share

- 2021-03: EUR 54.40 per share

- 2021-04: EUR 62.00 per share

- 2021-05: EUR 60.48 per share

- 2021-06: EUR 64.52 per share

- 2021-07: EUR 74.44 per share

- 2021-08: EUR 83.02 per share

- 2021-09: EUR 90.70 per share

- 2021-10: EUR 99.20 per share

- 2021-11: EUR 111.80 per share

- 2021-12: EUR 112.80 per share

- 2022-01: EUR 81.14 per share

- 2022-02: EUR 79.44 per share

- 2022-03: EUR 87.80 per share

- 2022-04: EUR 76.28 per share

- 2022-05: EUR 66.46 per share

- 2022-06: EUR 57.76 per share

- 2022-07: EUR 65.00 per share

- 2022-08: EUR 58.90 per share

- 2022-09: EUR 49.23 per share

- 2022-10: EUR 48.36 per share

- 2022-11: EUR 46.60 per share

- 2022-12: EUR 47.69 per share

- 2023-01: EUR 48.87 per share

- 2023-02: EUR 53.68 per share

- 2023-03: EUR 63.28 per share

- 2023-04: EUR 70.58 per share

- 2023-05: EUR 73.24 per share

- 2023-06: EUR 68.64 per share

- 2023-07: EUR 66.24 per share

- 2023-08: EUR 63.74 per share

- 2023-09: EUR 57.88 per share

- 2023-10: EUR 70.40 per share

- 2023-11: EUR 80.04 per share

- 2023-12: EUR 78.48 per share

- 2024-01: EUR 86.02 per share

- 2024-02: EUR 88.18 per share

- 2024-03: EUR 91.72 per share

- 2024-04: EUR 83.55 per share

- 2024-05: EUR 83.55 per share

- 2024-06: EUR 91.85 per share

- 2024-07: EUR 88.35 per share

- 2024-08: EUR 94.25 per share

- 2024-09: EUR 93.00 per share

- 2024-10: EUR 99.45 per share

- 2024-11: EUR 98.20 per share

- 2024-12: EUR 93.60 per share

- 2025-01: EUR 115.90 per share

- 2025-02: EUR 112.00 per share

- 2025-03: EUR 106.80 per share

- 2025-04: EUR 116.30 per share

- 2025-05: EUR 122.30 per share

- 2025-06: EUR 123.00 per share

- 2025-07: EUR 131.10 per share

- 2025-08: EUR 118.00 per share

- 2025-09: EUR 110.80 per share

- 2025-10: EUR 100.00 per share

- 2025-11: EUR 96.25 per share

- 2025-12: EUR 92.80 per share

- 2026-01: EUR 73.95 per share

- 2026-02: EUR 67.80 per share

- 2026-03: EUR 63.70 per share

- 2026-04: EUR 61.80 per share

- 2026-05: EUR 61.80 per share

- 2026-06: EUR 53.10 per share

- 2026-07: EUR 58.05 per share

- 2026-08: EUR 70.30 per share

- 2026-09: EUR 60.55 per share

- 2026-10: EUR 71.35 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 6.20 per share, central EUR 7.23 per share, high EUR 8.26 per share

- FY2017: low EUR 9.36 per share, central EUR 13.28 per share, high EUR 15.46 per share

- FY2018: low EUR 11.15 per share, central EUR 15.81 per share, high EUR 18.40 per share

- FY2019: low EUR 15.18 per share, central EUR 21.35 per share, high EUR 24.79 per share

- FY2020: low EUR 16.72 per share, central EUR 23.88 per share, high EUR 27.87 per share

- FY2021: low EUR 20.19 per share, central EUR 28.88 per share, high EUR 33.72 per share

- FY2022: low EUR 25.00 per share, central EUR 35.75 per share, high EUR 41.74 per share

- FY2023: low EUR 20.90 per share, central EUR 23.49 per share, high EUR 26.92 per share

- FY2024: low EUR 30.00 per share, central EUR 43.01 per share, high EUR 50.27 per share

- FY2025: low EUR 35.94 per share, central EUR 51.50 per share, high EUR 60.18 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.